Shares outstanding: 49,916,560
TORONTO, April 14 /CNW/ - Augen Gold Corp. ("Augen Gold" or "the Company") (TSX-V: GLD) is pleased to provide an update of recent exploration activity within the west-central part of its 100% owned South Swayze Property located approximately halfway between the mining centers of Sudbury and Timmins in Ontario and is accessible by road year-round.
A Soil Gas Hydrocarbons (SGH) lake sediment survey conducted by Augen Gold in February and March of 2010 has defined three SGH anomalies beneath the eastern arm of Opeepeesway Lake. These produce immediate and urgent targets to be drilled and are more indicative of gold mineralization than most other areas that have been explored to date, with the exception of the claims in Huffman Township and the claims in and around the Jerome Mine area.
SGH geochemistry is organic and detects hydrocarbon based compounds that provide a signature directly related to bacteriological interaction with a target such as gold mineralization.
Activation Labs of Ancaster, Ontario performed the analysis and interpretation and indicate that two of these anomalies (A, B) have characteristics similar to SGH anomalies overlying unexposed gold deposits elsewhere in Canada and in Nevada, and that a third anomaly (C) points to the presence of disseminated sulphide, hence metaliferous mineralization.
Interpretation maps provided by Activation Labs can be viewed at www.augengold.ca.
Augen Gold's SGH survey involved the collection of 845 lake sediment samples along the entire length of the east arm of Opeepeesway Lake (centrally located in the 45 kilometre long claim package), a large body of water approximately five kilometres long and up to 1.5 kilometres wide. This part of the lake covers approximately 50% of a ten kilometre long segment of a prominent regional auriferous trend that is bracketed by significant gold mineralization at the Jerome Mine and at Huffman Lake.
The Jerome Mine, two kilometres west of the SGH survey area produced 56,000 ounces of gold and 15,600 ounces of silver between 1940 and 1942; and the style and extent of its gold mineralization was confirmed by Augen Gold in 2008 (News Release, January 23, 2009). Highlights of recent drilling by Augen Gold in 2009 at Huffman Lake, 2.5 kilometres east-southeast of the survey area included an intersection of 5.29 g/t gold and 424 g/t silver over 0.50 meters (News Release, January 21, 2010).
Two of the SGH anomalies (A, B) under Opeepeesway Lake are positioned along the trace of this trend while the third anomaly (C) flanks the trend. All are un-explored, and will be drill-tested by Augen Gold in early June 2010 when a barge-mounted drill can be employed.
About Augen Gold
Augen Gold is a gold exploration company with 24,581 hectares of staked and patented mining claims in the Southern Swayze Greenstone Belt, including the formerly producing Jerome Gold Mine. The claims cover a 45 kilometre long section of the Ridout Deformation Zone, believed to be the western extension of the Kirkland Lake/Larder Lake Break. The geological setting is comparable to the major gold camps of Timmins and Kirkland Lake, and the claims contain numerous gold showings that have received very little historical exploration. Augen Gold is the first company to have assembled such a coherent ground position. Augen Gold has performed a detailed airborne geophysical survey over the whole area, and its sampling program has confirmed the historically reported gold values. The correlation of many gold showings with geophysical features indicates excellent potential for the discovery of additional deposits. The Company's objectives are to aggressively explore the gold showings that correlate with geophysical anomalies, continue resource definition at the Jerome Mine, and to expand its property portfolio with highly prospective mineral assets.
The information contained in this news release has been prepared by Augen Gold's Project Geologist, Gordon McRoberts, P.Geo., who is a Qualified Person for the Company's Jerome Project under the definitions established by National Instrument 43-101.
For more information on Augen Gold, visit our website at www.augengold.ca
The Company's documents may be accessed at www.sedar.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
SOURCE AUGEN GOLD CORP.
For further information: For further information: J. David Mason, Chief Executive Officer and Director, Augen Gold Corp., Tel: (416) 479-3300, Toll-free: 1-888-442-8436 ex 3300